M.Y. Safra Bank Increases Online Promo CD Rates

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Deal Summary: Online Promo CDs – 12-month (1.90% APY), 18-month (2.06% APY), 24-month (2.02% APY), 36-month (2.32% APY), $5k min deposit, new money.

Availability: Nationwide

Ten months ago, M.Y. Safra Bank unveiled its new Online CD Specials, as part of the Bank’s venture into internet banking. Re-branded as “Online Promo CDs,” they continue to offer competitive rates, while still requiring a minimum opening deposit of $5k of new money. M.Y. Safra Bank raised the rates on four of the Online Promo CDs today, with the 18-month (2.06% APY) and 36-month (2.32% APY) being the most competitive.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.36%$5k-M.Y. Safra Bank36 Month Online Promo CD (New Money)
2.10%$5k-M.Y. Safra Bank18 Month Online Promo CD (New Money)
2.02%$5k-M.Y. Safra Bank24 Month Online Promo CD (New Money)
2.00%$5k-M.Y. Safra Bank12 Month Online Promo CD (New Money)
Accounts mentioned in this post. Rates as of February 20, 2018.

Since early March, the 18-month Online Promo CD has had nine rate increases, adding a total of 64 bps. The 36-month Online Promo CD has experienced ten rate increases in the same time period, with 51 bps added on.

As stated in the Truth-In-Savings Disclosure (page 24), the Early Withdrawal Penalty reads as follows:

The penalty will be an amount equal to the greater of credited or 90 days interest.

M.Y. Safra Bank's online application states,

If funding your new accounts by electronic transfer from another financial
institution, please have ready their routing number and your account number.

Based on that statement, I had hoped that funds from a maturing CD could be distributed in the same manner. According to CSR, the Bank’s standard practice is to issue a check upon maturity, but the funds could be sent by wire for a $20 fee.

In the course of our conversation, CSR also mentioned that Social Security numbers are required when naming any beneficiaries.

Availability

Headquartered in New York City, M.Y. Safra Bank can trace its beginnings to when T. Rowe Price Group Inc., sold its Baltimore-based T. Rowe Price Savings Bank in 2013 to New York financier and banker, Jacob Safra. The sale of the Bank was prompted by new regulations affecting the banking industry.

According to the promo page fine print, the Online Promo CDs can be opened by all “U.S. natural persons depositing new funds” and must be opened online.

MYSB does have one full-service branch located in Manhattan on Park Avenue at 59th Street.

Bank Overview

M.Y. Safra Bank, has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 0.00% (excellent, and not a typo), based on September 30, 2017 data. In the past year, MYSB has increased its total non-brokered deposits by $63 million, an excellent annual growth rate of 41.5%. Please refer to our financial overview of M.Y. Safra Bank (FDIC Certificate # 35154) for more details.

How the Online CD Specials Compare

When compared to the 144 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationally, M.Y. Safra Bank’s 18-Month Online Promo CD APY currently ranks third.

When compared to the 194 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationally, M.Y. Safra Bank’s 36-Month Online Promo CD APY currently ranks second.

The above rates are accurate as of 1/18/2018.

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.

Related Pages: New York CD rates, 1-year CD rates, 5-year CD rates, nationwide deals

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